Accounting example sentences

"Accounting" Example Sentences

1. Proper accounting of financial records is essential for a business.
2. The accounting department handles all financial reporting and record keeping.
3. My undergraduate major was in accounting and finance.
4. She took an introductory accounting course as an elective.
5. The firm hired an accounting firm to audit their financial statements.
6. The company uses accrual-based accounting.
7. The accounting errors needed to be corrected before filing taxes.
8. He studied for the CPA exam after graduating with an accounting degree.
9. The double-entry accounting system ensures debits equal credits.
10. Forensic accounting investigates potential fraud and financial crimes.
11. The balance sheet is an accounting statement that lists assets and liabilities.
12. The income statement shows revenue, expenses, and profit for a period of time in accounting.
13. Budgets are an important accounting tool for planning and control.
14. Cash flow statements reveal a company's sources and uses of funds.
15. Bookkeeping is the basic recording of financial transactions in accounting.
16. Accounting software makes managing financial records more efficient.
17. Accounting policies determine how specific transactions are recorded.
18. He graduated with honors from the school of accounting.
19. She has vast experience in managerial accounting and cost analysis.
20. Cash-basis accounting records transactions when cash changes hands.
21. The accounting manager oversees all aspects of the department.
22. They hired an outside firm to conduct performance auditing.
23. Liabilities are recorded on the books using accrual accounting.
24. The receivables aging report shows how quickly customers pay invoices.
25. The GAAP standards guide accounting rules and financial reporting.
26. They filed the required tax form with the Internal Revenue Service using the accounting firm's help.
27. The accounting clerk entered the transactions into the ledger.
28. The financial statements needed adjustment to conform with GAAP rules.
29. The interests of stakeholders are accounted for in corporate social responsibility programs.
30. The controller is the head accountant who oversees all finance activities.
31. Full disclosure ensures accounting information is presented fairly.
32 The client required a compilation of financial statements for a financial report.
33. The accountant prepared schedules for income tax purposes.
34. Cost centers are classified by activity for accounting purposes.
35. Payroll accounting involves ensuring taxes and withholdings are calculated correctly.
36. Forensic accountants use their skills to detect and prevent fraud.
37. He studied managerial accounting techniques to improve business processes.
38. Accounting principles helps guide ethical decision making.
39. Accounting scandals can destroy companies and investors' trust.
40. The internal audit function reports directly to the board of directors.
41. The accounting associate prepared reconciliations of balance sheet accounts.
42. Accounts receivable and accounts payable are short-term assets and liabilities.
43. Depreciation accounting allocates the cost of an asset over its useful life.
44. The accountant analyzed financial ratios for benchmarking and trend analysis.
45. The cost centers showed profits that failed to meet budgeted expectations.
46. The controller attended a continuing education seminar on accounting changes.
47. The values of ethics and integrity are paramount in the accounting profession.
48. He was responsible for evaluating the effectiveness of internal controls.
49. Earnings management involves improperly shifting timing of revenues and expenses.
50. Accounting rules attempt to present fairly the financial position of an organization.
51. International accounting standards aim to harmonize rules across borders.
52. Period costs are operating expenses that do not represent asset values.
53. Budget variance reports show differences between actual and planned figures.
54. The chart of accounts lists all accounts used in the general ledger.
55. Accounting aims for accuracy,relevance, reliability and comparability of information.
56. Auditing safeguards the integrity of financial information and deter fraud.
57. Accounting scandals have led to increased regulation and oversight.
58. Financial statement audit provides an independent opinion on the fairness of the statements.
59. Accounting information helps managers make better business decisions.
60. I audited the income statement accounts for accuracy and completeness.

Common Phases

1. Accrual basis accounting - Recognizing revenues when earned and expenses when incurred, regardless of when cash is received or paid.
2. Cash basis accounting- Recording revenues when cash is received and expenses when cash is paid.
3. Generally Accepted Accounting Principles (GAAP)- A standard framework of guidelines for financial accounting.
4. Double entry bookkeeping - Every transaction is recorded as at least two equal entries in different ledger accounts.
5. Debits and credits - Debits increase asset and expense accounts, credits increase liability, equity and revenue accounts.
6. Trial balance - A financial statement that lists the debit and credit balances of all accounts in the general ledger.
7. Balance sheet - A financial statement that summarizes a company's assets, liabilities and equity at a point in time.
8. Income statement - A financial statement that shows a company's revenues, expenses and profits over a period of time.
9. Statement of cash flows - A financial statement that shows the inflow and outflow of cash for operating, investing and financing activities.
10. Trial and error accounting - An adjustment needed to make the trial balance amounts match.
11. Write-off - Remove an asset or expense account from the balance sheet by recording a charge against an income or expense account.
12. Post-closing trial balance - The trial balance after adjusting entries are posted and closing entries are made.
13. Account reconciliation - Comparing two sets of records and researching discrepancies to verify their accuracy.
14. Audited financial statements - Financial statements that have been verified as presenting a fair representation by an independent auditor.
15. Forensic accounting - The application of accounting principles and methods in a legal context.